Major Description
1. Create a loan product with following datasets,
Repayment Strategy:Overdue/Due Fee/Int,Principal
Repayments:12 every 1 Months on
Amortization:Equal installments
Interest:12 per annum (1% Per month) - Declining Balance
Interest Calculation Period:Daily
Interest Type:Declining Balance
Recalculate Interest:Yes
Days in year:Actual
Days in month:Actual
Interest recalculation compounding on:None
Advance payments adjustment type:Reduce number of installments
Frequency for recalculate Outstanding Principal:Every -1 days
2. Submit new loan application for a client on 01 Jan 2016, add specified due date charge (created as penalty Flat 100) on 15 Jan 2016.
3.Approve and disburse the loan on 01 Jan 2016.
4. Click on Charges and Waive the charge applied.
5. Click on the repayment schedule in which the first repayment is got modified.
